Just delivered a talk to the DuPage County Bar Association on family business issues in estate disputes. Reminded those present that most buy-sell agreements are not funded with “Key Man” insurance, that most spouses and children are incompetent to manage the business but want money, and that even rich people like the Wrigleys and the Pritzkers fail to plan and so lose half the family estate or more to community property or tax liabilities. Illinois corporate law rules like a dissenter’s right to “fair value” in the event of a reverse stock split or other entity ownership simplification, use of mediation to calm down family members, and frequent accounting and distributions to lock in beneficiary rights and positions were all discussed.

See http://www.slideshare.net/wpriceiit/business-issues-in-estate-disputes